Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with PayAccept on August 18, 2020. This guest star PayAccept Founder Chris Van Sternbergen. If you were unable to join the live AMA, no worries, here comes our 48th AMA recap!
We are glad to meet here:
Chris Van Sternbergen, Founder PayAccept
For taking your time out from busy schedule for the AMA!
PayAccept is still opening a token sale today, for all of you here we provide a 20% discount for purchasing PayAccept via https://www.payaccept.net/pay-token#sale
Q1: Can you introduce yourself to the community? What is your background and how did you join PayAccept?
I’m Christiaan van Steenbergen, founder of PayAccept. I have already been for 15 years in business and had several companies in fintech, telecom, and software development. Since 3,5 years, I’m in cryptocurrencies, where I put myself on a mission to create the bridge between traditional and decentralized finance. PayAccept was an idea that was born in 2015. The first concept was to issue payment cards and terminals. In 2017 we entered the crypto market and wondered if we could use the blockchain and add cryptocurrencies to it. We saw a massive interest in people who just wanted a secure and decentralized wallet. So we were thinking, can we create a unique decentralized wallet with a stunning interface and make it easily accessible for everybody? The answer is yes, and therefore we initiated to start building this wallet with PayAccept and are integrating around 50 digital assets from the start.
Q2: Can you briefly describe what is PayAccept? and what makes PayAccept different from other competitors?
PayAccept is a decentralized finance (DeFi) and blockchain technology company that offers its client cryptocurrency and fiat payment processing, financing, loans, credit issuances, and risk management services. In a nutshell: we make it easy for everybody to create a decentralized wallet for coins and tokens, which can be used in the physical and digital world by spending them in shops and e-commerce platforms. PayAccept is the first wallet which will integrate the Raiden network, to execute instant CEX-like transactions, while running as a DEX and swap assets between users. We are unique from, by example, centralized wallets attached on exchanges, and where you don’t have the private key. Without having the key, you don’t have control over your digital asset. If the exchange goes into ‘default,’ all is lost. With PayAccept you get the keys, and all assets are securely stored on the blockchain, which is decentralized and accessible even without having to log in on our website.
Q3: What is the use-case of the $PAY token?
PAY token is used for:
- Lower fees, a discount of 50% or more on all transaction fees
- VIP membership, priority access to new features, inside information, and internal holders forum.
- Staking, standard stakes are getting an ROI of up to 10%. PayNodes get 50% annual ROI on the Payaccept Token.
- Airdrops are obtained when every new asset is listed and a free amount of tokens (fees) from trading fees.
- Loans and crowdfunding to use PAY to unlock savings & investment section.
- Convert into ERC720 when we receive the e-money license, which means you are qualifying to get dividends.
- A cryptocurrency to make Payments between users and merchants between payment cards and terminals.
Q4: When will the token sale take place and how many phases are there?
Currently, we are running our IEO (last day, today) on Exmarkets; link: https://exmarkets.com/launchpad/payt-btc. If you buy directly, you got a 20% bonus; link: https://www.payaccept.net/pay-token#sale. It will be applied when you purchase the token. The initial circulation supply is 25M, in which 15M is on sale, 5M for the team, and 5M for marketing. All unsold tokens got burned, we already reached 3,5x our soft cap of 100k$. After the first round, we are planned to scale up with big news media and influencers and open the second round after our announcements, to stay up to date, subscribe to our news channel on Telegram -> https://t.me/payacceptann.
Q5: How is the PayAccept to prevent early investors from selling their token and what benefit will PayAccept give to them?
First, we will not only be listed on one exchange; we will be listed on ten exchanges from September (see above picture). This will give a stable price; meanwhile, PayAccept will gain more awareness with all these listings on exchanges. To keep investors on board, we have a staking program where they get extra tokens if they decide to hold the token. It can be an exciting investment in the long term if they convert the token into a company share (after getting an e-money license). If we work all plans out very well, we can compete with PayPal and Revolut, which have an enormous market cap; we are just starting, but we see the significant potential of the quick adoption from cryptocurrency users.
Q1: PayAccept uses a license called “Electronic Money Institute” What benefits has PayAccept received from having this license and how far have your services expanded at a legal, reliable and transparent level?
The critical fact is that we don’t need to use banks anymore to facilitate us in a bank account and having the risk that they are closing it since they see us as a competitor, also we can provide own IBAN accounts (payment accounts) to a user, so they have an easy swap to fiat.
Q2: Can you tell PayAccept strategy to attract more new users in the DeFi world, is your platform suitable for beginners or advanced crypto users?
The platform will be suitable for everybody; I think the newcomers in crypto don’t want complicated interfaces with flickering bars and levels. Most even don’t know what margin trading is. The crypto community of coins and tokens which we are listing is huge, they will market us and the exchanges where we are listed. This ensures a good awareness of PayAccept in the market.
Q3: Some users are dissatisfied with the loan services of other platforms. What requirements must PayAccept users meet to use the loans and how are the credit issues executed within the platform?
We will work together with a big credit organization that can check all identities that want to have a loan to ensure we don’t get a lot of non-payers. Also, they need to place in collateral if there are not enough resources to execute if they don’t pay back the agreed loan.
You are welcome, if you want to be in touch with me, just send an PM to @dcnl1980 or join our group on @payaccept. Thanks everybody for taking your time.
Q4; Comparatively, please tell me as regards to speed, transaction costs, how do you differ from the many payment solutions existing today, what’s that disruptive thing that makes you stand out?
We already see that congestions are happening on the blockchain. If there are a lot of transactions, the transaction fee, such as the gas price on the Ethereum blockchain, is going up to a minimum of $1. That is not useful if we are going to handle a lot of transactions a day. To prevent that happening, we are using the Raiden technology on Ethereum, a lightning protocol on top of it. This layer creates a very fast and instant execution with minimum transaction costs while using a widely adopted blockchain.
Q5: DeFi is a concept that was mentioned a lot recently when blockchain projects started building protocols & applications to support DeFi. So, does PayAccept have any competitors in this area? Is there a difference in your team vision & mission regarding DeFi?
Our team is already for three years active in the market; we are the same team behind NEXT.exchange, which created a hybrid cryptocurrency exchange. Also, we are going to launch a hard-fork of Ethereum, so we have massive expertise onboard. PayAccept will have competitors for sure, but the market is big enough. We just want to make the difference to have also the needed licenses to create a bridge between traditional and decentralized finance.
Q1: What is the PayAccept target market? Currently where is the platform available and what is that you aims to solve in the ecosystem? Thank you!
Our target market is the unbanked people and the users which want to make the difference by entering the decentralized finance. Our product will be ready to launch in September, just when we are going to list in all these exchanges. After the release of our product we start developing and deploy PayCard and terminals into the market.
Q2: There is great slowness in the blockchains of crypto platforms and the price of gasoline is expensive, what solutions does PayAccept offer for these needs and how do they solve the problems of slowness in blockchains?
We are going to use the Raiden technology, just Google it, it’s a layer on top of Ethereum, this ensure that transactions will be executed faster between users with almost zero costs. All this information will be written at once on the blockchain, so our users don’t have any expensive gasprices at all. Also we are looking to duplicate Uniswap on this layer, so you get rid of the $10 a swap costs.
Q3: Can you tell us the motivation and benefits for investors to keep the Payaccept token long-term? Do you have a plan to help boost token demand and scarcity? will there be a burning or repurchasing program to create price and demand stability?
We offer staking to our holders, which is for everybody 10% a year. For big investors we have PayNodes which returns 50%. The PayNodes runs on top of the Ethereum blockchain, so no need to understand Linux or to setup a server by yourself. All unsold tokens will be burned, at the moment we are looking to a circulation supply of ~ 1M tokens.
Q4: Today, for newcomers in the cryptocurrency field, the biggest obstacle is buying and selling with FIAT. How safe and powerful is your FIAT GATEWAY, and what currencies can I use locally?
At the moment we are using banks which provides us the crypto to fiat conversion. We can payout in all currencies in the world, but only accept EUR, USD, GBP and CHF at the moment. With our e-money license we can expand this since we are in control and cut the middleman away. In this way we can give fiat accounts to our users which can make with a click on the button a swap between fiat <> crypto. This feature will be very powerful and is currently missing in the market.
Q5: Currently, If we pay through Visa or mastercard! then also trasactions are made within secounds! Then why we should use payAccept as payment?
We connect crypto to the creditcard in which will be instantly converted into fiat when you pay with it. So no need to do the conversion by yourself.
Telegram Group: https://t.me/payaccept
Telegram announcements: https://t.me/payacceptann